Ms Carmel Motherway:

I will provide short, specific replies to the two questions Deputy Donohoe asked. The first point we would make is that credit unions should not be merged. If two credit unions have the underlying risk or vulnerability to which the Deputy refers, then for goodness sake do not merge them. If, however, it is felt that there is a need to merge them, then this should at least be done in an organised and controlled manner in order that the credit unions involved can be encouraged to address the savings or funding imbalance prior to any merger taking place. It is probably our primary concern that the ReBo work would kick in and that this might happen without anybody becoming fully aware of that underlying vulnerability. That is why we stuck our heads above the parapet for the first time in almost 11 years and made a submission. We normally just get on with the job and do not really say much.